February 4, 2018
Fair enough. But then two Texas researchers looked into which of those two actions was the bigger contributor. Increasing assets was the hands-down winner.
Which came first, debt or unhappiness?
People with more debt were less satisfied, but lowering their debt loads didn't seem to make them much happier, says Russell James, a certified financial planner and director of graduate studies in charitable planning at Texas Tech University in Lubbock, Texas. James conducted the study with Scott Garrett, then a doctoral candidate and now a certified financial planner at Ronald Blue Trust in Houston.
The researchers don't know why the investment effect was bigger but say personality may play a role. In other words, unhappy people may be more likely to get into debt.